Thursday, February 29, 2024
HomeTurbinebdThe preposterous increase of AIT proposed by BRTA

The preposterous increase of AIT proposed by BRTA

They consider this industry as the first step into regaining the lost revenue by imposing huge amount of tax on different engine displacement range of the privately owned automobile (Displacement is the Cubic Centimeter or more popularly known as the CC of a particular car’s engine). It is seen that a vacuum has been created as the total rule of TAX proceedings has been changed overnight. Confusions have occurred at different stakeholder’s level due to lack of knowledge on the new fiscal policy, something I feel includes even us.The pre-budget documents suggest that there is going to be an increase of 50-67 percent of annual tax, subject to engine displacement. The Bangladesh Road Transport Authority (BRTA) under Section 68B of the Income Tax Ordinance 1984, collects advance tax from private vehicle registration and annual fitness renewal. On top of that private vehicle, owners have to pay for premium Insurance making it the biggest amount, that goes to insurers.



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